Since the trial launch of e-CNY in Changzhou, its application scenarios have rapidly expanded. Beyond everyday consumption, utility payments, financial services, and social management, new use cases in transportation were added in July. Currently, all 13 toll booths on Changzhou's highways have adopted e-CNY payments, marking its successful application.
The e-CNY, also known as digital yuan and officially named the Digital Currency Electronic Payment (DC/EP), is a digitized form of China's official currency, the renminbi (RMB). It's issued by China's central bank, the People's Bank of China (PBOC). The e-CNY is mainly designed for frequent, small-scale retail purchases and transactions.
According to the Changzhou branch of the People's Bank of China, in July, 149,000 individuals and 5,610 companies in Changzhou became new users of e-CNY by registering for digital wallets. By July 31, the total number of active individual and corporate wallets in the city has reached 723,800. There are 46,489 merchant stores supporting digital yuan payments, including 25,525 offline and 20,964 online stores. The total transaction volume has exceeded 635 million yuan, with 872,100 transactions.
To promote the use of digital yuan and support the 4th Longcheng Shopping Festival, Changzhou has prepared a total of five million digital yuan-filled red packets this year. In June and July, one million yuan worth of digital currency were issued each, with a third round soon to be distributed.
In the coming round of red packet distribution totaling 1 million digital yuan, there are two types: a 30 yuan deduction on purchases of 100 yuan or more, and a 50 yuan deduction on purchases of 200 yuan or more. Residents can participate in the lucky draw on the "My Changzhou" app between August 17 and August 21. Participants can check their draw results and the list of participating merchants on the app starting from 4:00 PM on August 24. Winners can use their red packets between August 24 and September 12.
It is important to note that residents who win the draw must sign up to use the e-CNY app. Currently, there are eight eligible commercial banks providing e-CNY services, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China, China Merchants Bank, and Industrial Bank.
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